No, please get on your soap box anytime you like! I was merely referring to the obvious truth of what you were saying. For me, it's hard to believe that I have had a bad 2 weeks. I can see that the market is bullish, have seen the obvious support and buying at 1305, yet I hesitate when it comes to executing and sometimes try to fade when I don't catch the move early enough. Thank you for reminding me that the very simple, basic, fundamental things often work best. Out of curiosity, what do you think of the chart I posted above? Plausible scenario?
ES Journal - 2012
- Thread starter Buy1Sell2
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I see what you are saying about the developing area of value, however, a move back down to 1310 would essentially be a lower low (violating the low put in around 1315). If we put in a lower low and then continue down into 1305's, that's the tried and true definition of a downtrend. I'm not saying it won't go back up from there, but I would need to see confirmation that the uptrend is resuming, and then I would just buy the next pullback. So I wouldn't catch the low necessarily, but by waiting for some confirmation I can still get a good entry with little to no heat, plus I won't be caught holding the bag if it turns into a falling knife situation.
In fact, in looking at your posted trades, that's what I see is your mistake over and over again. You seem to buy into areas of support / resistance AFTER they are already used up. For instance, if you are expecting a level to turn into a double bottom and then reverse, you can wait for the double bottom to trade, and then look for a predefined criteria to give you a heads up if the level is going to hold. Once the level is confirmed as holding, THEN buy. Make sense?
you have a sense of humor..good for you
you think this rattles me? think again
Lawrence Chan, Volente, Atticus, Ammo, JD, or any of the top and profitable traders here:
if you don't mind can you guys give a bit of an overview on the systems you trade? No nothing specific, technically speaking. Moreso, do you guys use trailing stops, brackets etc. for risk? Or is it dynamic and mental?
I use trailing stops, and only the EMA and I trade the 1min and 30sec chart. I'm getting much faster, but i'm wondering if there is a much faster and safer method for risk-management. I use X_trader pro(spread-trader).
if you don't mind can you guys give a bit of an overview on the systems you trade? No nothing specific, technically speaking. Moreso, do you guys use trailing stops, brackets etc. for risk? Or is it dynamic and mental?
I use trailing stops, and only the EMA and I trade the 1min and 30sec chart. I'm getting much faster, but i'm wondering if there is a much faster and safer method for risk-management. I use X_trader pro(spread-trader).
Quote from NoDoji:
Snack, in keeping with the spirit of Elite Trader, please try to use more refined language similar to this:
"...just hold your nose and BUY THE F*CKING THING and actually make some cash."
LOL. Now that you mention it, I'll go buy some nose plugs tonight for tomorrow's session.
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